PREDICTED OIL PRODUCTION SHOULD DOUBLE BY 2007

19.11.2003 [12:23]
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Predicted volumes of oil production this year should double by the year 2007, according to government forecasts taking that output levels for this year is predicted at 15.4 million tonnes. By 2007 the government expects production to reach 30.75 million tonnes. Most of this increase should come from the growing production from the Azeri-Chirag-Guneshli block being developed by the Azerbaijani International Operation Company (AIOC).

Forecasts put AIOC's production for this year at 6.6 million tonnes, and in 2004 - 6.7 million tonnes, for 2005 - 12 million tonnes, in 2006 - 21.3 million tonnes and in 2007 at 22 million tonnes.

Oil production for SOCAR during that period (2004-2008), according to forecasts will not undergo any serious changes and will remain at the level of 8.75 million tonnes per year.

Export of crude oil by 2007 should increase by 2.7 times of exports for 2003 with the significant of the increase coming from AIOC. In figures, it means that if exports for this year are expected at 9.1 million tonnes, by 2007 it should reach 24.5 million. The breakdown of exports predicted for AIOC is as follows: 2004 - 9.2 million tonnes, 2005 - 12 million tonnes, 2006 - 21.3 million tonnes and in 2007 - 22 million tonnes.

For SOCAR, exports during the period under consideration should remain fairly steady at 2.5 million tonnes per year.

PREDICTED OIL PRODUCTION SHOULD DOUBLE BY 2007

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